Betsson estimates lower-than-expected earnings in Q2

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Betsson has warned that lower sportsbook revenue and unfavourable exchange rate fluctuations are set to lead to lower-than-expected revenue and earnings for the second quarter of the year.

In a trading update, Betsson said that group revenue for the three-month period is likely to come in at between SEK920 million (€97.6 million/$108.3 million) and SEK945 million.

Sportsbook revenue looks set to amount to between SEK205 million and SEK230 million, compared to SEK206.4 million in the corresponding quarter last year.

The firm also said that operating profit for the second quarter is likely to total between SEK140 million and SEK175 million.

Betsson estimated that exchange rate fluctuations will have a negative impact on revenues of approximately SEK30 million.

Ulrik Bengtsson, president and chief executive of Betsson, said: “April and May were challenging months for us in terms of sportsbook margin, but June looks better and activity is in line with expectations.

“The strong inflow of new customers during the Uefa Euro 2016 will benefit us going forward. Betsson’s ambition to increase the share of revenue from locally regulated markets and continue to grow our business long-term, organically and through acquisitions, remains.”

Betsson plans to publish its report for the second quarter on July 21.

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